All Forum Posts by: Daniel Bruckner

It is true... 6 month seasoning on FHA/VA now. That precludes that you even need an FHA buyer. You can always insist that it can't be a buyer who needs FHA lending when you find your end buyer. There are many other options to getting an approved short sale/REO double closed.

Tim brings up a great post. Always be vague with the liquidity that you have and be specific on the material you are willing to entertain.

I think I see vultures soaring over your PM head as I type this.

There are MANY great opportunities here in CA as well. Dependign on where you are located, REO's "could" be a good venture for a couple hosues (depending on the area) or maybe a couiple through short salescenarios.

Here's a perfect example:

Just finished negotiating a short sale on a house that is over 3000 square feet, is a 4/2, was completely remodeled with kitchen and two permitted bedrooms and the tenants are wanting to stay in it and do a "hybrid lease-option" for $2000 a month.

It also has an indoor pool that was done quite nice. The only "iffy" is that it is in the higher desert but again, if you can buy it right you can always sell it right as well.

Property is worth $205,000 and the acceptance was at $130,000.

So, YES, don't necessarily assuage yourself of CA, just work in the areas that make sense to what you are looking to do.

Bueno fortuna!

I am assuming you are an astute investor and that there is an inherent value in purchasing a junior lien that far outweighs any off-setting risks.

Since they are both owned by the same lender, why not pursue the senior lien and offer to purchase their non-performing 1st at a discount? This is the avenue I would explore unless there is considerable equity by purchasing the 2nd.

As the new owner on the property (if you do purchase the property at auction), you have the ability to bring the 1st current, acquire the first at a discount, work a short sale on the first, and/or bring all your relatives to the property, hold hands so that the property is surounded by all of you and then do a "home-buying chant" to dispel the eveil lender spirits.

Actually, doing a short would be a new idea to me as you are now technically the owner on record and it may be an uphill battle with teh asset manager/loss mitigator as their premise is that they won't allow a short sale on your own property. uHum...
Keep us posted. I'd like to hear what you choose.

There is legislation soon to be presented to the government "all-knowing" powers on the stupidity of these rulings. Some of them are being looked at by attorneys as well as a class action (I haven't verified this as truth, just heard it from a few investors) as it appears to be a violation of certain rights.

There is a great guy by the name of Bruce Norris (in CA) www.thenorrisgroup.com who is actively attemtpting to get the legislation changed to do away with seasoning issues all together. Sign all those petitions that are out there and/or make your voice heard to his group!

We all know that in a down market, what kick starts the economy is the willingness investors have to purchase properties. When will THEY realize this?

As I watch the properties that I don't get a short sale approved on (mostly CA), I find that it takes on average 30-45 days for them to post with a listing.

Bear in mind, some of them get sold before they even get listed due to those investors who have access to some REO asset managers. Sometimes tehy'll go ahead and want to list the property first, sometimes they are open to selling before a listing.

It all depends on the bank, investor and ultimately your relations with the lender and your ability to convey the psoitives of selling beforehand.

Also, there are situations where the drawn out connundrum of "which hand is doing what" keeps it off the market for more than a few months.

Welcome to the world of investing. While I agree with everything posted here, I will share some additional methods that could help land you in great opportunities as well as keep your investment group goingl with their eye on the ball and off the squabbling.

Something I would suggest, though it may be time consuming going over here, is a method of purchasing every property in a land trust. There is one "right" way of doing this and 100s of wrong ways.

Depending on whether you need financing have your own cash funds, are going to be using private/hard money or whatever other methods of acquisitions (double-closes, flips, etc), when a property is bought through a land trust, the benefit of that is itt can be structured with multiple beneficiaries as "Investor-beneficiaries" with ownership rights. The beauty of this system is that the property/ies are each individually held by a third party trustee and your group can set up ownership percentages at whatever level you want per entity (usually with no less than 10% beneficial interest, but "could" be less as well).

Of course, you could always set up one master corporation which all of you are a part of and not go this avenue, I just find that it is a great way to protect everyone involved as well as how the profits are distributed throughout your group.

Partnerships are exciting, sometimes wonderful and often full of action so, as the Indiana Jones movie where they had a knight who was overseeing the "eternal cup of everlasting life" said... "Choose wisely".

I wish you the best and recommend that you continue to feed off this group here to keep moving forward rather than driving while you are looking in the rear view mirror.

I would like to formally introduce myself to this forum and members. As I belong to many other forums under different aliases, this site will have my true rendering (although the avatar pic is most definitely NOT me).

I have been a full time investor since 2004 and have been blessed with great opportunities. I have been a CA short sale "expert" guest speaker (if there is such a thingy) for some of those "national guru" people who speak across the United States; some doing, some just teaching and some both.

I have a passion for seeing light-bulbs turn on in people's eyes when they "get it" and hope to be of a seemingly good group of people who congregae here.

I enjoy long walks on the beach with my pet iguana named "Fastidious" who eats Resses pieces and has an eye geared towards philanthropic endeavors.

Besides my weird sense of humor, I am an average individual who just enjoys "being" without the worry of what others think.

Glad to be of service.

Well put Scott.

One thing not mentioned, although it is definitely assumed, is... Did she personally sign on the loan? That part wasn't mentioned. If she wasn't one of the borrower's on the mortgages, then this sounds as if it could be intimidation on behalf of the calling entity..

If you haven't heard it already.... "get a Lawyer" :mrgreen:

With regards to deficiencies that are 1099'd by the lenders, there is a form (IRS form 982) that will forgive that debt if insolvency can be shown. PLEASE, check with your CPA/Accountant though as that would be the best modus operandi. From past dealings though and from people who have called me after the facts, they were able to get the deficiency amount forgiven by the IRS.

I wish them the best of luck.

The only other tidbit of thoughts from me is that she could be getting that call "if" they originally cross-collateralized their primary to get this property if they went through unconventional (har money/private money) funding.. This is a variable that we don't know though.

For more information on the Mortgage Debt relief Act you can go here to find out all about it.

http://www.irs.gov/newsroom/article/0,,id=174034,00.html

Cherrio!

Here's an option:

Sometimes when the homeowner, agent or like-minded individual is not wanting to work out a viable option, you can attempt to purchase the note directly from the bank and then you are in full control of the lien, offers coming in and the foreclosure process. If you haven't purchased notes before, I would suggest that you work with someone who has.

Many times this is a better way to go on properties that aren't agreeing with you on a short.

Remember though, it is still a negotiation game with the A/M on getting it at a level that fits your cash buy criteria

Let me know how this goes.

DB